Latest / The Steve Harvey Morning Show / Real Estate Tips_ She discusses home financing options such as Reverse Mortgages and Zero Down Payment Programs.

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Real Estate Tips_ She discusses home financing options such as Reverse Mortgages and Zero Down Payment Programs. · The Steve Harvey Morning Show

• 0:00
  Speaker 1: Welcome to my show.
• 0:01
  Speaker 2: I'm Rashon McDonald, a host of Money Making Conversations Masterclass,
• 0:04
  Speaker 2: where we encourage people to stop reading other people's success
• 0:07
  Speaker 2: stories and start planning your own. Now, you don't want
• 0:10
  Speaker 2: to miss an episode, so please take a MoMA right
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  Speaker 2: now to follow or subscribe to Money Making Conversations Masterclass.
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  Speaker 1: It's free.
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  Speaker 2: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts,
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  Speaker 2: or wherever you listen to your podcast. New Money Making
• 0:24
  Speaker 2: Conversations Masterclass episodes drop daily. I want to keep you
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  Speaker 2: on alert because my guests provide tips on how you
• 0:30
  Speaker 2: can uplift your community, improve your financial planning, motivation, or
• 0:34
  Speaker 2: advice on how to be a successful entrepreneur. Now, let's
• 0:38
  Speaker 2: get this podcast started. My guest is an independent mortgage broker.
• 0:42
  Speaker 2: She's committed to delivering exceptional service to a focus on
• 0:46
  Speaker 2: accountability and securing the right mortgage for your home. They'll
• 0:50
  Speaker 2: ensure a smooth and seamless home buying process. Please work
• 0:55
  Speaker 2: with the Money Making Conversations Masterclass. Latre's price get stalled
• 1:00
  Speaker 2: French the gest You got to put that geest star
• 1:03
  Speaker 2: except from Houston, Texas. The tree so you know down
• 1:07
  Speaker 2: there y'all do all the San Antonio people just started.
• 1:11
  Speaker 1: How you doing, my friend the tree, how you doing?
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  Speaker 3: I'm doing great?
• 1:13
  Speaker 1: How are you doing finances?
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  Speaker 2: What's your background when you start talking about, you know,
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  Speaker 2: mortgage brokering and brokery and accountability and finance. Give us
• 1:23
  Speaker 2: a little history on you before we get started and
• 1:25
  Speaker 2: get deep into this interview.
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  Speaker 4: Well, I am originally from San Antonio, Texas, and I
• 1:29
  Speaker 4: have a bachelor's degree in finance, and I've been in
• 1:35
  Speaker 4: finance since nineteen ninety nine. Where I originally started out
• 1:39
  Speaker 4: working in investment operations, which consists of like settlements operations
• 1:44
  Speaker 4: and investment accounting, and then like around twenty twelve.
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  Speaker 3: Or so, I moved over to doing auto of financing.
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  Speaker 4: My husband and I we opened up a car dealership
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  Speaker 4: and I was part owner and also our finance manager,
• 2:01
  Speaker 4: where I helped customers get financing for their cars.
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  Speaker 3: We focused a lot.
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  Speaker 4: On first time buyers and just pretty much took care
• 2:11
  Speaker 4: of them to make sure that they were not being
• 2:12
  Speaker 4: taken advantage of and getting good interest rates and good
• 2:15
  Speaker 4: payments that they could maintain. Because a lot of the
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  Speaker 4: customers were like your college students and first time buyers
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  Speaker 4: who had just who had just actually just graduated from college.
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  Speaker 4: And then right in the middle of all that, you know, well,
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  Speaker 4: at the time, there was a lot of favor with
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  Speaker 4: auto lending and so forth, and so a lot of
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  Speaker 4: that changed, unfortunately, And so then I started looking into
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  Speaker 4: mortgage financing just to kind of like compliment what I
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  Speaker 4: was already doing.
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  Speaker 3: And that's pretty much how I ended up in mortgages.
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  Speaker 4: I started, well, I obtained my license in twenty eighteen,
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  Speaker 4: and then in twenty twenty two I decided to go
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  Speaker 4: ahead and take the leap and become an independent mortgage
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  Speaker 4: broker where I.
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  Speaker 1: Have my Well, I don't think you just took a leap.
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  Speaker 1: You're a planner.
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  Speaker 2: You're a planner now because you're dealing with numbers, So
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  Speaker 2: you already know about taxes, you already know about understanding
• 3:11
  Speaker 2: the you know that profit margin that you have to
• 3:14
  Speaker 2: achieve now. As in the car dealer industry, first of all,
• 3:18
  Speaker 2: are rarely meet a person of color who said they
• 3:21
  Speaker 2: went in the car dealership. You know, you re meet
• 3:25
  Speaker 2: car sellers of car mechanics of people of color. How
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  Speaker 2: did y'all get into the auto industry from a dealership standpoint, Well.
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  Speaker 3: Actually my husband.
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  Speaker 4: He had his first car dealership in San Antonio in
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  Speaker 4: the early nineties and it went fairly well for him.
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  Speaker 4: He ventured off into doing some other things, into promotions
• 3:48
  Speaker 4: and so forth, and then around that time he decided
• 3:52
  Speaker 4: to just go ahead and start to do the car
• 3:55
  Speaker 4: dealership again. But he didn't want to do it the
• 3:57
  Speaker 4: same way he did it before. He decided to do
• 3:59
  Speaker 4: it differently this time. And it went very well for
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  Speaker 4: a while because it was around the time when Obama was,
• 4:06
  Speaker 4: you know, issuing out all of the rescue money, and
• 4:09
  Speaker 4: so the lending guidelines were very helpful for those who
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  Speaker 4: were having a difficult time, you know, at that particular time.
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  Speaker 4: And unfortunately they had to go back and tighten up
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  Speaker 4: those lending guidelines again and that changed the industry. And
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  Speaker 4: then COVID came right behind that and made it even
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  Speaker 4: more tighter.
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  Speaker 2: So cool now, just because I asked this one car
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  Speaker 2: question about car dealerships, you know, you know, I've had
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  Speaker 2: a lot of used cars in my life and I've
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  Speaker 2: traded them in. Now, should I have haggled to get
• 4:42
  Speaker 2: the price down the trees because I always traded in
• 4:46
  Speaker 2: my used car, which would have been a better rite
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  Speaker 2: that you way that you would have recommended, and just listening,
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  Speaker 2: and people listening may follow your advice or they might
• 4:55
  Speaker 2: do their own thing.
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  Speaker 1: What would you suggest haggling a trade in and used I.
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  Speaker 3: Think that you should do.
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  Speaker 4: Definitely negotiate and make sure you get in the right deal.
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  Speaker 4: And you know a lot of people they go to
• 5:09
  Speaker 4: Kelly Bluebook to reference the value for their car, but
• 5:13
  Speaker 4: I personally recommend you going to Nada dot com their
• 5:17
  Speaker 4: Power by Geni Powers and Associates now and they tend
• 5:21
  Speaker 4: to give a better explanation of what the value is
• 5:24
  Speaker 4: of your car because it gives it whether or not
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  Speaker 4: if it's in good condition or a bad condition, or
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  Speaker 4: if it's even in a syllable condition, And so you
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  Speaker 4: can kind of you can negotiate off of those numbers.
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  Speaker 4: A lot of times of dealerships they don't. They just
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  Speaker 4: assume that you don't really know what the value of
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  Speaker 4: your car is. And if you come in and you
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  Speaker 4: and you're educated and you can, you know, discuss on
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  Speaker 4: those particular parameters, you could say, well, no, you know
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  Speaker 4: my car, you know, I just did this, this and
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  Speaker 4: this to my car, so it's actually valued at this
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  Speaker 4: particular number.
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  Speaker 3: This is what I would like to have because they're.
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  Speaker 4: Going to pay you what they're going to pay you
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  Speaker 4: and turn back around and sell it and make sure
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  Speaker 4: that they get.
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  Speaker 1: Yeah, like anything, do your homework.
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  Speaker 2: Yes, going there and have a stand a value stand
• 6:15
  Speaker 2: on your vehicle before you start trying to ask somebody
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  Speaker 2: what they think is going to cas Yes, them, because.
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  Speaker 3: They're going to make sure they make their money.
• 6:24
  Speaker 1: Right. Yeah, we're good.
• 6:26
  Speaker 2: Well, I brought you on the show to talk about
• 6:27
  Speaker 2: being an independent mortgage broker. The word independent is powerful. Yes,
• 6:33
  Speaker 2: you know, how are you an independent mortgage broker?
• 6:37
  Speaker 1: First question?
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  Speaker 2: Secondly, why are you an independent mortgage broker?
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  Speaker 4: Okay, I am an independent mortgage broker because I basically
• 6:46
  Speaker 4: hold my own license as a broker. So I go
• 6:49
  Speaker 4: out and I establish relationships with various lenders to provide
• 6:54
  Speaker 4: different loan options to my borrowers. You know, I have
• 6:59
  Speaker 4: lenders that cater to individuals who may be self employed
• 7:03
  Speaker 4: who may have a difficult time getting approved. I also
• 7:07
  Speaker 4: have lenders who cater to first time buyers. I have
• 7:10
  Speaker 4: lenders that cater to those who may need help, you know,
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  Speaker 4: due to citizenship, you know issues and so forth. I
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  Speaker 4: mean there's all type of lenders out there, and so
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  Speaker 4: as a broker, you serve as that advocate for your
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  Speaker 4: borrower to make sure that they're getting the right loan
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  Speaker 4: product and not necessarily just getting approved, but you know,
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  Speaker 4: do they have the right product that fits their particular
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  Speaker 4: needs and so forth.
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  Speaker 1: Okay, so, but why.
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  Speaker 4: Why, Well, what made me become well, decide to become
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  Speaker 4: a mortgage broker was I had actually been laid off
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  Speaker 4: at a company.
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  Speaker 3: It was a builder.
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  Speaker 4: It was like in late twenty twenty two, the interest
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  Speaker 4: rate has started to really go up, and so they
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  Speaker 4: had lost like sixty eight percent of their contracts due
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  Speaker 4: to borrowers falling out because they could no longer fit
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  Speaker 4: the home because they were in the middle of construction
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  Speaker 4: and so forth. And so I was faced with having
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  Speaker 4: to go and find something, find new employment and so forth.
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  Speaker 4: And so I just noticed that, you know, the commission
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  Speaker 4: negotiations just did not fit my needs, and so I'll
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  Speaker 4: just figure I might as well just go ahead and
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  Speaker 4: advocate for people like I do and also keep my commissions.
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  Speaker 2: At the same time, there are certain things as you
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  Speaker 2: gain equity, that's the big thing, that's the goal in
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  Speaker 2: any house is to gain equity. Explain to us the
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  Speaker 2: value of reverse mortgages when you hit a certain age
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  Speaker 2: and you have a certain equity in your house.
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  Speaker 4: Okay, well, I will say this due to the fact
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  Speaker 4: that a lot of people do not really have very
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  Speaker 4: much knowledge in reverse mortgages, the usage of them are
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  Speaker 4: only is it's like about two to three percent of
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  Speaker 4: senior citizens, and it's typically in the age range like
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  Speaker 4: around seventy five and older. And that's typically when people
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  Speaker 4: will you know, will have enough equity in their home
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  Speaker 4: and or have exhausted their retirement funds and have high
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  Speaker 4: medical costs and so forth, and so it's just a
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  Speaker 4: way for them to be able to have tax free
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  Speaker 4: cash coming into their home. They could either take a
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  Speaker 4: lump sum amount, or they can get they can receive
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  Speaker 4: a monthly payment, or they can open up a line
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  Speaker 4: of credit where they just withdraw the money out every month.
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  Speaker 4: I feel like it is a good option for those,
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  Speaker 4: you know, for individuals that are in that particular age
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  Speaker 4: range who have exhausted their retirement funds or have limited
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  Speaker 4: retirement funds. And you know, it's just unfortunate that people
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  Speaker 4: typically do not have enough education you know about them,
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  Speaker 4: because what happens sometimes is is that that you know,
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  Speaker 4: they'll take out the reverse mortgage and the family is
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  Speaker 4: unaware and when they pass away, they don't know that
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  Speaker 4: the debt is there. And so but what the family
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  Speaker 4: can do is if they want to keep the keep
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  Speaker 4: the home and the family they can refinance it, you know,
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  Speaker 4: if they want to keep it, or they can just
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  Speaker 4: sell it to pay off the debt. I call it
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  Speaker 4: flowers while they're here, you know, they paid all the
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  Speaker 4: equity into the house, so you know.
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  Speaker 1: Okay, let me ask you this question. Write quickly tree.
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  Speaker 2: I'm talking to the Tree's Price get Started and independent
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  Speaker 2: mortgage broker based in Houston, Texas.
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  Speaker 1: Okay, you take out a lump sum? How does that work?
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  Speaker 1: How you paying it back?
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  Speaker 2: If you have no money and you having financial issues
• 10:47
  Speaker 2: and you do a lump sum? Or how exactly walk
• 10:50
  Speaker 2: me through how a reverse mortgage works and how exactly
• 10:54
  Speaker 2: does it benefit? Because if you if you take some money,
• 10:58
  Speaker 2: they're going to want it back. So how are they
• 11:00
  Speaker 2: making those payments back of the lump sum or the
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  Speaker 2: monthly songs that they're requesting.
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  Speaker 3: Well, the beauty of it.
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  Speaker 4: Is there are no monthly payments going back to the institution.
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  Speaker 4: The data is paid off. When the home is is
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  Speaker 4: paid off, you know, like when the person passes away,
• 11:18
  Speaker 4: the family can either refinance it into their name or
• 11:21
  Speaker 4: they can sell the home.
• 11:23
  Speaker 1: Yeah, I'll see what you're saying. So, so let's use
• 11:26
  Speaker 1: some numbers.
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  Speaker 2: So if the house is two hundred and fifty thousand dollars, yes,
• 11:30
  Speaker 2: then you can do a reverse mortgage own the equity
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  Speaker 2: or the value of the home.
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  Speaker 3: The equity, that's what you're saying. Yes, yes, and you
• 11:39
  Speaker 3: would need fifty percent of equity in the home to
• 11:42
  Speaker 3: be able.
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  Speaker 1: To do it. Okay. Cool.
• 11:45
  Speaker 2: So that means that you can do a reverse mortgage
• 11:47
  Speaker 2: on one hundred and twenty five thousand dollars.
• 11:49
  Speaker 1: Yes, if it's two hundred and fifty thousand.
• 11:52
  Speaker 2: Dollars house, and then they receiving payments, they don't have
• 11:57
  Speaker 2: to make any payments back. But that's why you saying, Rashan,
• 12:01
  Speaker 2: Generally people who do these reverse mortgages are in their seventies.
• 12:05
  Speaker 1: Yes, because it's not something you want to do in
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  Speaker 1: your fifties. No, No, okay, cool, now.
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  Speaker 3: That I have to be at least sixty two years old.
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  Speaker 4: I'm just saying that typically most of the barbers in
• 12:20
  Speaker 4: that range are around the seventy five it's.
• 12:23
  Speaker 2: Range, right, so it has to be sixty two years old.
• 12:26
  Speaker 2: So do you handle those type of situations there? Sure
• 12:30
  Speaker 2: do zero down payment programs. Okay, I'm speaking to Lutreces
• 12:37
  Speaker 2: Price gets stared. What exactly is that zero down payment program?
• 12:42
  Speaker 3: What they do is they loan.
• 12:45
  Speaker 4: The amount that's needed for the down payment is up
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  Speaker 4: to like three percent of the loan, And what they
• 12:52
  Speaker 4: do is they put the loan, they attach it to
• 12:55
  Speaker 4: the actual mortgage itself, and then it is it is paid.
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  Speaker 4: It is paid off once the loan is either sold
• 13:02
  Speaker 4: or either refinance, but up until then it is part
• 13:06
  Speaker 4: of the part of the mortgage. But I also do
• 13:09
  Speaker 4: have other down payment assistance programs that will give up
• 13:13
  Speaker 4: to five percent of the value of the loan. So
• 13:17
  Speaker 4: what happens is with some people that used like the
• 13:19
  Speaker 4: three to three and a half percent that's required for
• 13:22
  Speaker 4: the down payment and then the remaining of the five
• 13:24
  Speaker 4: percent to pay off to help with the closing costs.
• 13:27
  Speaker 2: Please don't go anywhere, We'll be right back for more
• 13:30
  Speaker 2: money making conversations, masterclass. No, I need for you to
• 13:33
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• 13:37
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  Speaker 2: or subscribe money Making Conversations. Welcome back to Money Making
• 13:56
  Speaker 2: Conversations master Class hosted by me Rashaan McDonald. Money Making
• 14:00
  Speaker 2: Conversation master Class continues online at Moneymaking Conversations dot com
• 14:04
  Speaker 2: and follow money Making Conversations master Class on Facebook, X
• 14:08
  Speaker 2: and Instagram. Let's walk through the process of how you
• 14:11
  Speaker 2: handle clients latrese when they come to you, the educational process.
• 14:16
  Speaker 2: How does your business model for you work and how
• 14:19
  Speaker 2: does it benefit the customers that come to you.
• 14:23
  Speaker 4: Well, the first thing that I ask each person when
• 14:26
  Speaker 4: they called is if they've purchased a home before and
• 14:31
  Speaker 4: how soon do they need to buy.
• 14:34
  Speaker 3: A home.
• 14:35
  Speaker 4: And then I'll ask like key points like how long
• 14:38
  Speaker 4: they've been on their job, what their credit score is like,
• 14:42
  Speaker 4: and what you know, do they have any money for
• 14:45
  Speaker 4: down payment, you know, anything in savings And I just
• 14:48
  Speaker 4: kind of like gauge off of what they tell me
• 14:51
  Speaker 4: and just kind of like take it from there.
• 14:53
  Speaker 3: But I do when I do offer the different type
• 14:57
  Speaker 3: of loan products.
• 14:58
  Speaker 4: I do explain like the difference between the you know,
• 15:02
  Speaker 4: between each kind because you know, you you have F
• 15:05
  Speaker 4: A H A V A conventional and U S D
• 15:08
  Speaker 4: A and and each one caters to a particular you
• 15:12
  Speaker 4: know customer, you know, whereas you I have like f
• 15:15
  Speaker 4: ah you know, that's that's that's really more for like
• 15:18
  Speaker 4: the customer who may need a lower down payment but
• 15:22
  Speaker 4: also may have like a lower credit score than than
• 15:26
  Speaker 4: the average, or have like a lot of open debt,
• 15:29
  Speaker 4: because that particular program allows for a higher DT I
• 15:34
  Speaker 4: versus someone who could go conventional, who may have like
• 15:38
  Speaker 4: a higher credit score, but their down payment will start
• 15:42
  Speaker 4: like around three percent and go up to like about
• 15:44
  Speaker 4: five percent.
• 15:46
  Speaker 3: And so I guess to answer your.
• 15:48
  Speaker 1: Question, is score it permits their interest rate.
• 15:53
  Speaker 4: It is a very it's a very key component, you know,
• 15:58
  Speaker 4: because we do have programs that will go as low
• 16:01
  Speaker 4: as five five hundred credit score, but of course quite
• 16:04
  Speaker 4: naturally those who are like I would say, like around
• 16:07
  Speaker 4: seven to twenty and above will have your more favorable
• 16:11
  Speaker 4: you know, interest rates.
• 16:12
  Speaker 2: Okay, let's talk to it, because there's a lot of
• 16:14
  Speaker 2: people out there in that five hundred ranges probably listening
• 16:16
  Speaker 2: to my show now, But you can still help people.
• 16:21
  Speaker 1: Now that's a pretty low score. Now, that's a pretty
• 16:23
  Speaker 1: low score out there trying to buy a home.
• 16:25
  Speaker 2: How do you help somebody in that five hundred to
• 16:29
  Speaker 2: six hundred credit score range get in the house, because
• 16:33
  Speaker 2: right now I think that's I think this be nearly impossible.
• 16:36
  Speaker 1: But you're saying you can make that happen.
• 16:38
  Speaker 4: Yes, The main thing with that particular group is that
• 16:43
  Speaker 4: they're going to have to have a higher down payment.
• 16:46
  Speaker 4: They're going to be the ones who's going to need
• 16:47
  Speaker 4: that ten to twenty percent down in most cases because
• 16:51
  Speaker 4: those programs are not going to allow down payment assistance
• 16:56
  Speaker 4: and the interest rate is going to raise the payment,
• 17:00
  Speaker 4: which is going to make the DTI hard to fit.
• 17:03
  Speaker 4: So that particular group of people is going to really
• 17:05
  Speaker 4: need that big down payment in order for that to work.
• 17:08
  Speaker 1: Okay, cool.
• 17:08
  Speaker 2: So that means that, again, do you work with individuals
• 17:14
  Speaker 2: latrees over a six month period or do you coach
• 17:18
  Speaker 2: them along? Somebody comes to you say in January and
• 17:22
  Speaker 2: they said, look this is where I stand them at
• 17:24
  Speaker 2: five hundred, and you said, well, come back to me,
• 17:29
  Speaker 2: do your homework, you get your credits trade. By making
• 17:34
  Speaker 2: consistent monthly payment, let's see, we can get that credit
• 17:36
  Speaker 2: score up. Because right now, if you roll into a
• 17:39
  Speaker 2: plan right now, your interest rates is going to be
• 17:42
  Speaker 2: higher and your down payment is going to be higher.
• 17:44
  Speaker 1: Do you work with individuals like that, latrese, Yes, I do.
• 17:49
  Speaker 4: I do offer the opportunity to consult while they get
• 17:54
  Speaker 4: ready and so forth, and I do offer suggestions and
• 17:58
  Speaker 4: so forth. I have to be very careful about, you know,
• 18:02
  Speaker 4: credit counseling, per se, but I do offer suggestions and
• 18:05
  Speaker 4: you know, go over there file and just give them
• 18:07
  Speaker 4: what's called a what if scenario, and it is it
• 18:10
  Speaker 4: is provided by the credit bureau, and not not the
• 18:12
  Speaker 4: credit bureau, but the credit reporting agencies that I use.
• 18:15
  Speaker 4: They have a report called what if scenario. And I
• 18:18
  Speaker 4: go in and I'll put, you know, like say that
• 18:21
  Speaker 4: they paid these particular credit cards down or what have you,
• 18:24
  Speaker 4: this is what it could possibly look like if they
• 18:26
  Speaker 4: did this, and so forth, And I would give that
• 18:29
  Speaker 4: to them and you know, we'll work over you know,
• 18:32
  Speaker 4: their plan over those months and so forth, and I
• 18:35
  Speaker 4: will say about sixty percent of the people actually follow through,
• 18:42
  Speaker 4: and really, do you know, come back and say Okay, listen, it's.
• 18:45
  Speaker 2: All about follow through, it's all about your dream, all
• 18:48
  Speaker 2: about whether you want to make it happen. Yes, and
• 18:50
  Speaker 2: that's really what we're talking about right now. Yes, making up,
• 18:52
  Speaker 2: putting it, putting forth one hundred percent. Now in this
• 18:56
  Speaker 2: world as being an independent mortgage broker.
• 18:59
  Speaker 1: What frustrates you about it? And what benefits do you
• 19:03
  Speaker 1: feel you bring to the table.
• 19:05
  Speaker 4: Okay, I will say what frustrates me is, you know,
• 19:08
  Speaker 4: basically what we just talk about just now, is the
• 19:11
  Speaker 4: customer that does not follow through or the customer that
• 19:15
  Speaker 4: is not honest and forthcoming.
• 19:17
  Speaker 1: Do you ever get mad in the little tree? Do
• 19:19
  Speaker 1: you ever get mad at some of your customers? Come
• 19:21
  Speaker 1: on that? This is money making conversations. Okay, somebody wasted
• 19:25
  Speaker 1: your time for three or four months now.
• 19:27
  Speaker 4: Yeah.
• 19:28
  Speaker 2: Basically, the reason she's an independent because a lot of
• 19:31
  Speaker 2: traditional outlets won't even look at you, They won't even
• 19:37
  Speaker 2: walk in the front door. She is giving you an
• 19:40
  Speaker 2: opportunity because early in our conversation she spoke about she
• 19:44
  Speaker 2: sets up relationships. She's kind of like, it's a lot
• 19:46
  Speaker 2: of people out there, like independent insurance people. Well, you
• 19:49
  Speaker 2: can come there and they can do insurance with anybody
• 19:52
  Speaker 2: out there. And that's what you're saying that you can
• 19:54
  Speaker 2: do as an independent You not limited to one particular
• 19:58
  Speaker 2: financial out that correct.
• 20:00
  Speaker 1: Yes. And now with that being said, do you have
• 20:06
  Speaker 1: a place you'll go to outlet?
• 20:08
  Speaker 2: You don't have to say the name, and why is
• 20:10
  Speaker 2: that outlet that you go to you feel works for
• 20:13
  Speaker 2: you the most in your independent platform and the type
• 20:17
  Speaker 2: of customers that you bring to the table.
• 20:19
  Speaker 4: I'll be more than happy to say that my outlet
• 20:22
  Speaker 4: would be you not at Wholesale Mortgage u w M.
• 20:25
  Speaker 4: They are the number one wholesale lender in the you know,
• 20:29
  Speaker 4: in the States, and they have a very quick turnaround time.
• 20:36
  Speaker 4: My executive there is top notche The process is just
• 20:42
  Speaker 4: it's just it's impeccable, you know, every time.
• 20:45
  Speaker 1: And what.
• 20:48
  Speaker 4: The customer that that I would take there is actually well,
• 20:54
  Speaker 4: I can't say the majority of them, but I would
• 20:55
  Speaker 4: just say the customers that they cater to are more
• 21:00
  Speaker 4: of like you know, your well your experienced buyers is
• 21:05
  Speaker 4: where's your first time buyers? But a particular product that
• 21:08
  Speaker 4: I like that they have there is there a one
• 21:10
  Speaker 4: time construction loan, like say you want to buy land
• 21:14
  Speaker 4: and build a house, at the same time. Well, you know,
• 21:18
  Speaker 4: traditionally you would have to finance both separately, but they
• 21:21
  Speaker 4: will do the loan all in one, you know, and
• 21:26
  Speaker 4: that's what that's one of the main things that I
• 21:28
  Speaker 4: really like about them.
• 21:30
  Speaker 1: And so.
• 21:31
  Speaker 3: Just that's a process and the loan products that they offer.
• 21:36
  Speaker 1: Cool.
• 21:36
  Speaker 2: As we close out the interview, I want to talk
• 21:38
  Speaker 2: about the benefits of utilizing f h A two thousand
• 21:42
  Speaker 2: and three it is it two thousand and three K
• 21:44
  Speaker 2: program two three.
• 21:45
  Speaker 4: K, that is that is a home innovation, yes, And
• 21:50
  Speaker 4: what people don't know is you can buy a fixer
• 21:53
  Speaker 4: upper at the you know, and and finance the renovations
• 21:57
  Speaker 4: as well as as the home within the UH within
• 22:01
  Speaker 4: that that one transaction, and that's that's where the f
• 22:06
  Speaker 4: h A two or three K comes into play. And
• 22:08
  Speaker 4: it just it could be something as low as you know,
• 22:12
  Speaker 4: replacing windows all the way up to remediating mold. It
• 22:15
  Speaker 4: just depends on what the needs are for it, you know,
• 22:19
  Speaker 4: for your project and so forth. And so.
• 22:24
  Speaker 1: That particular problem when you say that when you stay
• 22:26
  Speaker 1: in the f h A and f J stands for.
• 22:29
  Speaker 4: What Federal Housing Association, and that's that's basically the the
• 22:34
  Speaker 4: the government agency that monitors those particular types of loans
• 22:39
  Speaker 4: and they and that's its basically there to protect the
• 22:42
  Speaker 4: lenders against the the you know, in case the bar
• 22:48
  Speaker 4: defaults on the loan.
• 22:51
  Speaker 2: Okay, cool, okay cool. And this particular program you're telling me,
• 22:55
  Speaker 2: a lot of people are not aware of it. And
• 22:57
  Speaker 2: I always get mad when I hear that, and I said,
• 22:59
  Speaker 2: mad man, But I guess frustrated mad because there's so
• 23:02
  Speaker 2: many programs out there that are to benefit the buyer,
• 23:06
  Speaker 2: but nobody knows because guess what, they're not promoted. So
• 23:09
  Speaker 2: how does one find out by programs like this that
• 23:11
  Speaker 2: can benefit them that somehow don't make it trickle down
• 23:15
  Speaker 2: to the people that need them.
• 23:17
  Speaker 4: Well, I mean you would have to consult a market broker,
• 23:22
  Speaker 4: you know, because it's not you know, just everyday knowledge
• 23:26
  Speaker 4: that is out there.
• 23:27
  Speaker 1: Now.
• 23:27
  Speaker 4: Most people know about FAH loans, but they're not as
• 23:30
  Speaker 4: well aware of the of the FAHA two or three
• 23:33
  Speaker 4: K program that is there. A lot of times people
• 23:36
  Speaker 4: think that they have to buy the house first and
• 23:38
  Speaker 4: then finance the renovations and so forth. But if with
• 23:41
  Speaker 4: this particular product, you can do both at the same time.
• 23:43
  Speaker 2: Being an independent broker first of all, that's fearlessness. You
• 23:46
  Speaker 2: seem to be a person. If someone wanted to do
• 23:49
  Speaker 2: this for a living, if somebody wanted to step out
• 23:51
  Speaker 2: on faith or just go for a leap, what steps
• 23:55
  Speaker 2: would you tell people to make sure that you did
• 23:58
  Speaker 2: that you will not do that would help them be
• 24:01
  Speaker 2: successful as independent as an independent mortgage broker. Things I
• 24:05
  Speaker 2: would do, you would not do because you made a
• 24:10
  Speaker 2: mistakes To resond that was I can tell you right now.
• 24:13
  Speaker 2: There were some things I did when I started my
• 24:15
  Speaker 2: company and I hired people who were not qualified for
• 24:18
  Speaker 2: the job. They were family, they were old friends, and
• 24:22
  Speaker 2: I paid them checks. They were overpaid because I knew
• 24:25
  Speaker 2: they needed to, you know, paid a certain amount of
• 24:29
  Speaker 2: expenses for their family.
• 24:30
  Speaker 1: I didn't. I just had the bad business model.
• 24:32
  Speaker 2: Yes, and I would never do that again and so,
• 24:36
  Speaker 2: and it was a hard decision because it eventually it
• 24:39
  Speaker 2: led to me laying these same people off that I
• 24:41
  Speaker 2: was trying to support.
• 24:43
  Speaker 1: So those are bad business decisions.
• 24:45
  Speaker 2: Now you became an independent mortgage broker, what did you
• 24:48
  Speaker 2: do or would recommend so people would make the same
• 24:53
  Speaker 2: mistakes that you did, Because we all make mistakes when
• 24:55
  Speaker 2: we start businesses.
• 24:56
  Speaker 4: I would say that I would have had more capital
• 25:01
  Speaker 4: before deciding to not move forward with with the with
• 25:05
  Speaker 4: the other employment. And that's because what I had to
• 25:08
  Speaker 4: do was s since I did not have as much capital,
• 25:11
  Speaker 4: I had to kind of like do a lot of
• 25:14
  Speaker 4: uh side gigs and so forth that took me away
• 25:17
  Speaker 4: from my business and so forth, and so and then
• 25:20
  Speaker 4: also to have a stronger pipeline. You know, even though
• 25:23
  Speaker 4: I had been had been er originating loans for as
• 25:26
  Speaker 4: long as I had been, I don't feel like I
• 25:29
  Speaker 4: had a a full enough pipeline to really take off.
• 25:33
  Speaker 4: So not having a capital and not having a a
• 25:35
  Speaker 4: a full pipeline, that that kind of stagnated me, and
• 25:38
  Speaker 4: it made a little bit more difficult to really you know,
• 25:40
  Speaker 4: get going and so forth, and so and then also
• 25:43
  Speaker 4: the time frame. It was during a time when interest
• 25:46
  Speaker 4: rates were just out of control, and it made it
• 25:50
  Speaker 4: really hard to get people, you know, approved and so forth.
• 25:54
  Speaker 3: And so I would say to.
• 25:55
  Speaker 4: Definitely look at the economic you know market at that
• 26:01
  Speaker 4: particular time, make sure you have that strong, solid pipeline,
• 26:04
  Speaker 4: and then have that capital so that you can focus
• 26:08
  Speaker 4: more on the business versus you know, just going for it.
• 26:12
  Speaker 1: Thank you for listening. To this episode.
• 26:14
  Speaker 2: Now, I need for you to do me a favor
• 26:16
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• 26:20
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• 26:33
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